U.S. solar development company SunEdison has this week announced three major advancements in its solar offering, most notably the introduction of its residential PPA to seven U.S. states.
Announced to the U.K. market in March at the Ecobuild show in London, SunEdisons residential power purchase agreement (PPA) offers a zero-money down option to homeowners keen on installing solar panels on their rooftops.
The homeowner then purchases the solar energy generated from the system installed on their home, which is to be owned and managed by SunEdison subsidiary TerraForm Power, who will act as long-term asset owner.
Financier Morgan Stanley is to provide tax equity financing for the PPA product. TerraForm is pleased to support the launch of SunEdisons broader residential solar platform, said TerraForm Power CEO Carlos Domenech. We look forward to being a long-term owner of these residential assets, which we believe will deliver high quality cash flows and growth to our shareholders from this market segment.
Additionally, SunEdison has announced the acquisition of LightWing, a solar platform solution for utilities and retail energy providers that will provide access to a much broader customer base for SunEdison.
The solar company has also entered into a partnership with Evolve Solar, which is one of the leading residential resellers in the U.S. The collaboration will see Evolve Solar exclusively sell SunEdison products, reaching some 40,000 potential customers a month across nine U.S. states.
By executing on these initiatives weve enhanced our product portfolio and channel platform to fuel significant growth, said SunEdison global general manager and SVP of residential and small commercial, Vikas Desai. With the addition of a new residential PPA product and greatly strengthened channel and sales capabilities, were now positioned to effectively serve every segment of the residential and small commercial market.